(Reuters) - Generic drugmaker Perrigo Company Plc (>> Perrigo Company PLC)> is expected to reject the latest offer made on Wednesday by Mylan NV (>> Mylan NV), according to a person familiar with the matter.

Perrigo shareholders would receive $75 (£48.56) in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share under Mylan's latest offer. Perrigo sees this offer to be worth only $202.21 based on Mylan's unaffected March 10 share price of $55.31, before speculation over Teva Pharmaceuticals Ltd's (>> Teva Pharmaceutical Industries Limited) interest in Mylan intensified, according to the source.

The source asked not to be identified because the deliberations are confidential. Perrigo and Mylan spokespeople did not immediately respond to requests for comment.

Mylan last week raised its original offer to $60 in cash and 2.2 Mylan shares, valuing Perrigo at $222 a share. Perrigo said that offer valued it at $181.67 per share, based on the Mylan's March 10 share price.

Mylan, which makes the EpiPen product for severe allergies, is pursuing an offer for Perrigo as it fends off an unsolicited takeover from larger rival Teva Pharmaceuticals Industries Ltd (>> Teva Pharmaceutical Industries Limited). Mylan on Tuesday rejected Teva's $40 billion offer, saying it "grossly undervalues" the company. Teva said it is "fully committed" and will move forward with the offer.

Teva has also said its offer for Mylan is contingent on the company's not completing an acquisition of Perrigo or any alternative transaction.

Perrigo, which has a large portfolio of over-the-counter consumer products, infant formulas and a line of generic topical pharmaceutical medicines, has long been seen as a takeover target.

A tie-up between Perrigo and Mylan would be the latest in a string of recent multibillion-dollar pharmaceutical deals, including Valeant Pharmaceuticals International Ltd's (>> Valeant Pharmaceuticals Intl Inc) $11 billion deal for Salix Pharmaceuticals Ltd and AbbVie Inc's (>> AbbVie Inc) $21 billion offer for Pharmacyclics Inc (>> Pharmacyclics, Inc.).

(Reporting by Nadia Damouni and Olivia Oran in New York; Editing by Chris Reese and Meredith Mazzilli)

By Nadia Damouni and Olivia Oran